Posts Tagged ‘Alternative System Concepts Inc.’

U.S. Senator Jeanne Shaheen today announced that 12 New Hampshire biomedical companies have been awarded a total of $2,643,949.37 to help develop new medical therapies, address unmet medical needs, and reduce the long-term growth of health care costs. The grants were created by the Patient Protection and Affordable Care Act as part of the Therapeutic Discovery Project program, which will help small biotechnology companies in New Hampshire and across the country produce new and cost-saving therapies, support good jobs and increase U.S. competitiveness.

U.S. Senator Jeanne Shaheen

“New Hampshire has long been a leader in the development of cutting-edge medical technologies and therapies,” said Shaheen. “These grants will make sure that these innovative companies and entrepreneurs can continue to grow and invest, which will keep our state competitive in this emerging industry and create jobs for New Hampshire families.”

The Therapeutic Discovery Project program is targeted to projects that show significant potential to produce new therapies, address unmet medical needs, reduce the long-term growth of health care costs, or advance the goal of curing cancer within the next 30 years. The allocation of the funding also reflects which projects show the greatest potential to create and sustain high-quality, high-paying jobs in the United States and to advance our competitiveness in the fields of life, biological, and medical sciences. Today, the biotechnology industry employs 1.3 million workers, and the industry continues to be a key growth engine for our economy.

The grants cover up to 50 percent of the cost of qualifying biomedical research and are only available to firms with fewer than 250 employees. To provide an immediate boost to U.S. biomedical research and the small businesses that conduct it, the grants are effective for investments made in 2009 and 2010.